GOLD → Consolidation continues. What's next, 2400 or 2200?

2024年5月7日

XAUUSD is testing the resistance of the range, the market maker is capturing liquidity around 2328 and is not ready to let the price go yet. Trading inside 2328 - 2300 continues.

On Sunday we discussed the bullish trend, correction and the fifth wave that may get its start after the end of the correction. Yesterday price tried to form a confirmation of the end of the correction, but 2328 was not broken and trading in the correction phase continues. A retest of the range support is possible before a further rise to resistance.
There are two risk areas that will affect the medium term:

1. Breakout of 2328 and consolidation above the level will confirm the readiness to go up to 2382.
   
2. A break of 2300 and consolidation below the level will confirm the readiness to go down to 2267
   

Resistance levels: 2328, 2344, 2352
Support levels: 2305, 2300, 2295

Trading within the consolidation range continues while the dollar is also standing still. At the moment it is worth considering trading inside the range, and when breaking through one or another boundary to take the principles of trading in the breakdown.

Regards R. Linda!

2024年5月7日

交易進行

Consolidation will continue. The struggle for the area of 2313 is forming on the market

2024年5月8日

交易進行

Gold continues to decline towards the mentioned support.